I think it'll be broadly as they've guided in the last quarter as there hasn't been too much bad weather/disruptions (that I'm aware of).
So in no particular order:
Narrabri to disappoint, open cuts to bail it out per their comments last quarter
ROM coal ex-BMA to be between 4.5 to 4.7mt so they hit original guidance for first time in years
Save for a short dip at the start of April, NEWC px has spent all of this quarter above US$135 so should be OK realised pricing. GS is estimating US$141/t which is A$213/t at 0.66. Last quarter they got an 8% premium to the index.
I don't think they'll announce any BW selldown information tomorrow, more likely to be in August with the results (if it comes that soon).
BMA side is a black box to me so no guessing there, will just wait and see what it looks like. But Goldman Sachs have flagged a warning: "Based on VA consensus revenue data, we believe the street is not correctly modelling the contingent price-linked payments to BHP. These payments are deducted directly from revenue while WHC continue to pay 100% of royalties. Over the medium term, we don't believe WHC's medium term guidance on the QLD assets can be achieved without significant capital investment in mining fleet and higher operating costs which are not factored into consensus numbers".
WHC Price at posting:
$8.43 Sentiment: None Disclosure: Held
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